" ITREALMS: Nigeria gambling revenue rises to 17.1%

Tuesday, December 01, 2015

Nigeria gambling revenue rises to 17.1%

... To grow N13trn by 2019
The gross casino gambling revenues in Nigeria has risen by 17.1 per cent in 2014 and is expected to grow revenue to N13,728,325,000.00 trillion, reports ITRealms.

Gambling Industry Leader for PwC South Africa, Pietro Calicchio, made this disclosure to ITRealms, saying Nigeria gross casino gambling revenues has rose by 17.1 per cent in 2014, continuing the pattern of double-digit annual increases.

The casino market, Calicchio said, was not harmed by the recent terror attacks or the Ebola outbreak that hit the country in July 2014.

"As a result of a slow in the economic growth rate, slower growth is expected in the industry," Calicchio said.

For the forecast period as a whole, Calicchio said, gross gambling revenues will expand at a projected 8.5 per cent compound annual rate to USD68.9 million, about N13,728,325,000.00 trillion in 2019. 

"Although growth will be substantially lower than during the past five years, Nigeria is expected to continue to expand at a faster rate than either Kenya or South Africa," the gambling expert said.

Also in Kenya, Calicchio said the revenues rose by 6.9 per cent in Kenya in 2014, down from the 11.2 per cent increase in 2013 and the 24.2 per cent compound annual increase between 2009 and 2011. 

“It is believed that the imposition of a 20 per cent withholding tax on gambling may have contributed to the slowdown,” he said, stressing that increasing competition from legal online gambling and from a new national lottery may also have contributed to the slowdown for the 13 licensed casinos.

Pointing out that Kenya, like Nigeria has been troubled with terrorism, which has hurt the tourism industry. 

“However, the country’s casinos do not rely on foreign tourism and have fared well,” he said.

For the forecast period, Calicchio noted that as a whole gross casino gambling revenue projected to increase at a 7.5 per cent compound annual rate, rising from USD20.1 million in 2014 to USD28.9 million in 2019.

“Overall, the gambling industry in South Africa and Nigeria is dynamic and ever-changing. However, the industry will be adversely affected in the near term by slower economic growth, but improving economic conditions over the latter part of the forecast period will fuel spending at a faster pace. In Kenya, growth will remain relatively stable during the next five years compared with the increase in 2014,” he said.

+Remmy Nweke (ITRealms) 
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